There are a number of reasons why you may be looking to stopping your foreclosure here in Utah. Perhaps you are so far behind on your mortgage that you just don’t see any way to get back on top. Maybe you cringe every time you hear the telephone ring, fearing another uncomfortable conversation with your lender. This is an epidemic across the entire nation, and many reports have Utah sitting in the top five foreclosure states in the country. How to stop foreclosure in Utah.

Sale by owner previous to foreclosure.

Time is not on your side

Look around your neighborhood. There are bound to be other families in your exact same situation. Of course, while knowing you’re not alone may provide some sort of comfort to you. It obviously is not enough. You need to take action, and this article will address one “get out of jail-free card” that will not only be relatively kind to your credit score (compared to foreclosure), but is also extremely fast. In fact, you can end your nightmare in just a few days!

Why has it gotten so bad, anyway?

The truth is, banks were just making it far too easy for folks to get more and more money out of their properties. As a result, we experienced an exaggerated boom. Property values were rising so fast that really the only way for the market to correct itself was to undergo this economic disaster we are experiencing. And that is exactly what has happened.

“Being underwater” takes on new meaning

Now that the value of our homes has dropped dramatically, we can no longer justify our enormous mortgage payments. This is especially true when we consider our overall economic recession, and job loses that have added up to a situation which is frightful at best.

Obviously, these are all ingredients which make up the perfect recipe for foreclosures to be rampant. And people are scared. You may be one of these people, which is why it is so important for you to be aware of your options. One option to stop foreclosure in Utah and perhaps your  best bet (especially if you don’t see any feasible way to turn your situation around quickly) is to sell your home via a short sale.

A short sale is simply the process of selling your home at or below the current market value for the sake of receiving an immediate sale. You can generally exercise this option regardless of what you owe. If you’re currently holding a $200,000 mortgage, for example, but properties similar to yours are on the market and selling for $170,000 then you may be able to cash out at this price (or even lower), and the mortgage company will likely be without objection!

Why a short sale?

When you exercise a UT short sale, the bank doesn’t need to repossess the property and go through the auction process, a new buyer gets a property at a great discount, and YOU get to walk away from a truly horrible situation.

This will allow you a fresh start, where you can get into a new home with more merciful terms. You can breathe again. A ringing telephone will no longer have you burying your head in the sand. You’ll be free, and that’s what selling your current home is all about.

To move forward with a short sale, it is important that you deal with an agent or buyer who is experienced in dealing with them. A Utah short sale specialist can take you by the hand and make this process painless for you. This option should cost you no money, and dealing with the right people will make sure that you are treated as fairly as possible, with both the dignity and respect you deserve.

Remember, millions of homeowners are facing foreclosure, and many of them are turning to short sales as their way out. This may be an option for you to seriously consider, as well.

Stop Utah Foreclosure experts have a proven track record in successfully completing short sales in Utah call us at 801-718-6156, and  find out whether your mortgage will qualify for a short sale solution. Or if you prefer, fill out the form on the right. We can usually get back to you within 24 hours.

You may find this article useful as well: Utah Short Sale – How to Stop Your Foreclosure Dead In Its Tracks!

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